Artificial intelligence (AI) will dramatically change the workforce in real estate over the next decade. Staff in the property sector need to consider how their role will change and confront the reality that they may need to reskill or face the prospect of being moved sideways.
Those who work in administration and finance roles with repeatable processes, such as invoicing and reconciliation, face the greatest challenge. This is simply because AI can quickly and easily learn and complete repeatable process driven tasks.
The next three years will see the development and use of AI super-accelerate. AI allows many core processes and tasks to be done automatically by technology. Simple queries and data mining can be handled by AI, and that will dramatically change business operations across all verticals, including real estate. The scheduling of repairs and maintenance for rental properties will soon be made by AI, which will be able to automatically coordinate and liaise with local tradespeople.
However, not everything will be coordinated by software. There will always be times where the technology either gets to a point when working through a process or solving a problem where it will ‘hit a wall’, need help or requires further learning. Deciding what should be designated to an AI function is not dissimilar to how outsourcing clients reconcile which tasks are split between their own staff and an offshore outsourcing company.
The entrance of AI is broadening to three categories, firstly, where technology is deployed for repetitive tasks and secondly, where outsourcing manages the low-value work. Finally, this allows staff in Australia to focus on high-value activities; such as growing revenue and maintaining commercial relationships.
AI will release property managers and sales staff from a variety of mundane tasks. More of their work will be taken out of their hands, so they will be able to focus on the high-value work they should be doing.
This change represents a huge challenge not just in the real estate industry but in all industries. The labour force in the next 10 years is going to change dramatically.
Outsourcing companies have focused on providing offshore services to technology and real estate companies, and now we are seeing these two sectors start to work together.
The outsourcing trend emerged in real estate only five years ago as property management divisions began to offshore low-value operations, such as processing tenant applications and the auditing of invoices for repairs and maintenance work.
Overall, AI and outsourcing offshore has caused a significant change in today’s business environment, and will continue to alter the way businesses operate in the future. Click here to learn more about combining robots and outsourcing.